2023 Doing Business in Cyprus (UK Edition)

DOING BUSINESS C YPRUS
50
UNITED KINGDOM EDITION
The education sector consists of state-of-the art schools and higher education
institutions which receive high rankings and attract a great number of local and
international students. The fact that the island is becoming a regional educational
centre has already resulted in a great deal of cooperation between institutions in
the UK and Cyprus. More specifically, the University of Central Lancashire (UK) has
established a branch in Cyprus, which is one of the fully accredited Cyprus private
universities. Furthermore, other universities in Cyprus have collaborated with UK
universities to develop and offer joint academic programmes and to share common
research initiatives.
Likewise, the health sector in Cyprus has been through outstanding developments,
with the complete modernisation of the national health service and the significant
expansion of the public and private sector. The health sector consists of hospitals and
clinics that offer world-class treatments and services to patients from all over the world,
and especially the UK, Europe and MENA countries, as well as the Far East. Synergies
between the UK and Cyprus can deliver excellent results in all fields of healthcare, from
infrastructure and mobility to training and research.
Cyprus is also creating an ideal ecosystem for information technology, research
and development which currently attracts a great number of renowned companies
and top talent from around the world. Some of the booming areas have been software
development, data centres, customer service and back offices. For this reason, Cyprus
achieved an increase of 35.6% in the innovation performance on the European
Innovation Scoreboard, compared to the EU average of 8.5% between 2016 and 2022.
What new prospects are on the horizon
that could help strengthen the bilateral
relations between the UK and Cyprus?
am confident that the robust bilateral relationship between Cyprus and the UK will
I continue to strengthen considerably over time. Cyprus remains a tried and tested
reliable business partner and will seek to further advance its position as a significant
international hub and investment destination.
Despite its small size and several shocks through time, the country has managed to
stay on track, diversify and attract new investment, earning a reputation as one of the
most resilient EU economies. Following the global economic crisis of 2012, the island
succeeded to emerge stronger from an
unprecedented crisis and much faster
IPost Brexit, the robust bilateral
relationship between Cyprus and
the UK will continue to strengthen
considerably over time, especially
as Cyprus can serve as an ideal
EU base for British companies
and individual investors.
than predicted. Indeed, in less than five
years, the Cyprus economy achieved full
recovery and a growth of almost 4%, one
of the highest in the EU. Recently the
credit ratings agencies have upgraded
Cyprus into investment-grade territory,
and it is predicted that the economy will
grow by 2.5% in 2023 and 2.9% in 2024.
The Cyprus Government has set ‘Vision